Nexo-labeled Wallet Detected Withdrawing Over 7,700 wBTC from MakerDAO

A crypto wallet address labeled Nexo: 0x8fd withdrew 7,758.8 Wrapped Bitcoin (wBTC) from MakerDAO, which is roughly worth $153 million.

On September 26, authorities from eight different states filed a cease-and-desist order against Nexo, accusing the company of selling unregistered securities to investors without warning. Furthermore, Kentucky regulators accused the company of bankruptcy due to obligations surpassing assets when it was excluded.

Following suit, blockchain investigator Peckshield reported the transfer of 7,758.8 wBTC from MakerDAO on September 30. The name of the wallet — Nexo: 0x8fd — is one of the key reasons the crypto community opted to link the monies’ withdrawal with Nexo’s insolvency concerns.

The total value locked (TVL) on MakerDAO has decreased by 43.3% in the last year, and it now stands at $7.11 billion.

Transaction details reveal a $50.1 million transfer of Dai (DAI) tokens from Nexo: 0x8fd to a null address (perhaps a burn address) via DSProxy. The transaction hash also confirms the transfer of $153.2 million in wBTC, as shown in the picture below.

While the cryptocurrency community suspects wrongdoing, a Nexo spokesman stated that the monies are still in the publicly labeled Nexo wallet, adding:

“This routine transaction made yesterday represents a loan repayment in line with the latest market dynamics and as per the company’s standard treasury management.”

The spokesperson concluded:

“As a result, and again driven by the current market context, we expect the loan size at Maker to continue to fluctuate in correlation with market volatility.”

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